"This announcement provides a deadline for when an employer intending to maintain a Cycle 2 Section 403(b) pre-approved plan must adopt that plan and the period during which the IRS will accept an application for an individual determination letter from an adopting employer of a Cycle 2 Section 403(b) pre-approved plan that is eligible to submit a determination letter request. This announcement also discusses a procedural restatement rule that applies to all pre-approved plans and provides a reminder for adopting employers of Section 403(b)(9) retirement income account plans of a requirement provided by Section 403(b)(9)."  MORE >>

34 pages, Nov. 21, 2024. "This publication explains the federal income tax rules for social security benefits and equivalent tier 1 railroad retirement benefits. It is prepared through the joint efforts of the IRS, the Social Security Administration (SSA), and the U.S. Railroad Retirement Board (RRB)."  MORE >>

"While the update does not provide any new guidance, it does provide a summary of the rules applicable to 401(k) plans when veterans are reemployed. "  MORE >>

"If the error is corrected under the SECURE 2.0 safe harbor procedures, then the plan's tax-qualified status will not be jeopardized. Also, if the correction procedures are followed, the employer will not need to make a qualified nonelective contribution for the missed deferrals, although the employer will need to make a matching contribution if the employee would otherwise have been entitled to the matching contribution."  MORE >>

"Will a retirement plan's violation of ERISA requirements mean that the anti-alienation protection will dissolve? The Third Circuit held that such was not the case. Although a retirement plan which violated the ERISA rules might suffer other consequences, it was still a plan that fell within the ambit of ERISA and thus the anti-alienation protection held its vitality."  [In re Gilbert, No. 23-2944 (3d Cir. Oct. 24, 2024)]  MORE >>

"The Committee on Education and the Workforce (Committee) has learned that the Department of Labor (DOL) shared confidential information involving at least six employee benefit pension plans with a plaintiffs' attorney.... DOL appears to be working in concert with plaintiffs' attorneys to circumvent the discovery protections of the FRCP by conducting a fishing expedition under the guise of an EBSA investigation and then supplying confidential information to plaintiffs' attorneys for use in private litigation against plan fiduciaries.... EBSA must immediately take steps to protect the confidentiality of information gathered during investigations and to reassure employee benefits plan fiduciaries that their cooperation during investigations will not lead to coercive actions from plaintiffs' attorneys."  MORE >>

18 pages. "This introductory guide and linked resources will help you decipher the characteristics and interplay between these various plan types and provide some practical information for effectively engaging with these plans, as a trustee, board member, plan sponsor, or administrator."  MORE >>

"While some consumer groups urge lawmakers to reject a bill that would allow collective investment trusts in 403(b) plans, advocates ramp up push for passage before year’s end"  MORE >>

29 pages. "[The authors] model the potential impact of adding a new minimum benefit to Social Security ... [R]estricting a full minimum benefit to retirees with long employment histories who did not retire early would substantially limit its effectiveness. Moreover, unless a new minimum benefit protects access to social welfare programs, the outcome would be a new benefit that is not as strong as intended for some people, a financial wash for others, and even more financial insecurity for still others."  MORE >>

20 pages. "[I]nsights that should inform the design of a future minimum benefit proposal: [1] A minimum benefit that helps only long-term low earners is insufficient to significantly reduce poverty. [2] Targeting the minimum benefit based on beneficiaries' current household income can yield greater reductions in poverty and make it more cost effective. [3] Even with targeting, an effective minimum benefit will cost more than the most common minimum benefit proposals that target long-term low earners. [4] Changes to the minimum benefit must address interactions with Supplemental Security Income (SSI) and other means-tested programs or risk leaving some beneficiaries worse off."  MORE >>

"As the DC-based, income-focused retirement plan is the best design to meet the needs of governmental employers and employees today, stakeholders in public retirement plans, including employers, employees, unions, legislators, and others, should consider expanding and emphasizing this approach for new hires."  MORE >>

"A deferred compensation plan can be a valuable tool if you're looking for tax deferral, have a high-income year, or want to supplement your retirement savings. However, it's crucial to balance the benefits against the potential risks -- especially the lack of protection for non-qualified plans and limited access to funds."  MORE >>